As the economy changes all the time, many U.S. states are stepping up to help their citizens financially by giving them tax rebates in November 2024 as a form of stimulus payments.
The purpose of these tax rebates is to help families and individuals in need, showing how each state handles extra money or continuing assistance programs in their own unique way.
Tax rebates as stimulus checks
A rebate program has been set up in New Mexico for people who filed their state taxes by May 31, 2024. This project gives us:
A rebate program has been set up in New Mexico for people who filed their state taxes by May 31, 2024. This project gives us:
- Up to $1,000 for married couples filing jointly, heads of households, and surviving spouses.
- Up to $500 for single filers and married couples filing separately.
Payments will be automatically issued once the tax returns are processed, ensuring eligible residents receive their funds promptly.
As part of its 2024 fiscal budget, Arizona is putting in place the Families Tax Rebate, which will help about 743,000 people. This program has these parts:
- A stimulus payment of $250 for each dependent under the age of 17.
- A stimulus payment of $100 for dependents over the age of 17.
The rebates are based on 2021 tax returns, with the goal of providing families with much-needed support. Residents can expect these payments to commence in November.
Colorado’s Continued Commitment to Taxpayer Relief
Colorado is starting up its TABOR refund program again. The goal is to give back extra state funds to taxpayers. People who file their taxes alone will get a refund of $847 in 2024, while people who file jointly can expect a refund of $1,694.
This year, a big change is that these stimulus payments are being given out equally. This means that people with lower incomes will get more money back in their refunds.
Maryland’s Child Tax Credit Enhancement
The child tax credit program in Maryland will last until 2024, which is good news for families. People who are eligible can get up to $500 for each child under six or with a disability.
This program is part of Governor Wes Moore’s larger plan to fight child poverty, and it is meant to help about 40,000 people across the state.
California’s Generous Tax Credits for Families
In California’s 2024 budget, a one-time child tax credit of up to $3,600 per child who qualifies is added. As an added bonus, the state is giving families with kids younger than six who qualify for the California earned income tax credit a tax credit worth up to $1,083.
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